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Do acquiring firms gain from takeovers? : empirical evidence from the Norwegian stock market

Grinden, Tommy; Nystad, Robert
Master thesis
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http://hdl.handle.net/11250/95113
Utgivelsesdato
2014-02-10
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Samlinger
  • Master of Science [1116]
Sammendrag
The objective of this thesis is to study the economic effect when acquiring firms

announce takeovers in the Norwegian stock market. We find that bidders

experience a positive abnormal announcement return of 2.16% on average.

However, the abnormal return calculated in NOK is insignificantly negative.

Large firms obtain insignificant abnormal returns of 0.22%, while small firms

obtain significant returns of 4.10%. Thus, we find evidence of the size effect. The

size effect is robust and holds when controlling for different measures of size, deal

characteristics, and firm’s characteristics. Acquisitions do create value for

acquiring firms’ shareholders only under certain conditions.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2014

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